Co-Own Home After Divorce: Keep House in California Divorce with Co-ownership #divorce #house

8 May 2024 · 1 min

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When refinancing isn't an option after divorce, you can keep the house by having one spouse take the title while the other gets compensated through other assets, or by staying as co-owners. Either way, you need clear written terms about who pays the mortgage, how equity gets divided, and when ownership can change.

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What to do with the family home? Given the interest rate climates, most of my clients can't refinance the home in a way that makes financial sense. So some couples decide to do one of two things. One is for them to stay on the loan together, but for one of them to become the owner of the home and to account for them becoming the owner through the way that we divide the other assets. Another option is to actually continue to co-own a property after divorce. Now, you need a good mediator to ask the right questions so that the agreement that you make is really solid. Who's gonna pay for what? How is the equity shared in the future? Under what conditions can ownership change from what's in the original agreement? These are all issues that have to be discussed, and that's why you need a strong, intelligent, experienced divorce mediator when you're trying to be creative. DM Mediate to learn more.